ImpactAlpha, August 14 — The Housing Impact Fund, managed by Ascent Housing, has raised $67 million to create and preserve 1,200 units of naturally-occurring affordable housing, or NOAH. Such rental housing is crucial to maintain low rents without federal subsidy.
“Without protection, NOAH apartments will not stay affordable, and we risk losing these units to redevelopment and pricing thousands of people out of the housing market,” said Ascent’s Mark Ethridge.
The Housing Impact Fund will focus on Charlotte, where affordable housing hasn’t kept pace with demand; gentrification has pushed many low-income and minority renters out of their neighborhoods. Other investors in the Housing Impact Fund include PNC, Atrium, Honeywell and Leon Levine Foundation.
Former White House chief of staff Erskine Bowles, Carousel Capital’s Nelson Schwab and Ascent launched Housing Impact Fund in 2020. The inaugural fund raised an initial $58 million and has acquired five NOAH apartment communities with 805 units and 2,000 residents. Ascent says it intentionally partners with minority-led companies to support job creation in Charlotte.